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Jun 15, 2017 News
A Vancouver, Canadian-headquartered gold mining company says it is finding success with local partners at Marudi, Region Nine.
According to Guyana Goldstrike Inc., some 910 ounces of gold has been mined and recovered by local small-scale alluvial miners (artisanal miners) on the Marudi Gold Project, an area that is about 230 kilometres from Lethem.
“We are very proud of our accomplishments over such a short period of time,” said President and CEO, Peter Berdusco, in a statement yesterday.
“With the full support of the government and the local communities, the artisanal miners now have the opportunity to create income in an environment that adheres to acceptable mining practices” continued Mr. Berdusco.
“Further to this, it allows us to immediately generate sales from alluvial areas that generally fall outside our potential mining model or area of interest. This definitely makes it a win-win for everyone involved.”
Through a cooperative agreement, artisanal miners have been given company-controlled access with company oversight to work the alluvial areas-creeks, edges and new channels – of the property and also the alluvial tailings that had been previously mined by artisanal miners.
A stipulation of the agreement is the requirement that the artisanal miners incorporate only those mining practices acceptable to the Environmental Protection Act of Guyana.
“As a result of their efforts the company has successfully poured its first doré bars and sold those bars to the Guyana Gold Board.”
Under the agreement, the artisanal miners pay the company a 10% royalty on all gold mined from the property.
In the five months ending March 31, the artisanal miners recovered approximately 910 ounces of gold from mineralized material mined from the property’s alluvial areas and artisanal alluvial tailings.
“This resulted in 90.9 oz/Au paid to Guyana Goldstrike in royalties. Company staff and security monitor the activities of the artisanal miners.”
The company said it sold its 90.9 oz/Au to the Guyana Gold Board for a price of US$1266.45/oz and for a net sale of US$106,490.00 after smelting costs and a 5% royalty, which was paid to the Government of Guyana. The gold was assayed at 97% purity.
“This alluvial mining activity is expected to continue following the end of the rainy season in June. The decision to allow artisanal miners to commence small scale mining on alluvial areas of the property was a decision solely based on corporate social responsibility, Guyana Goldstrike said.
The mining of gold from the property by the artisanal miners has not been based on a feasibility study nor are there any mineral resources or reserves identified in the area which is subject to the artisanal mining.
“The decision to mine is one made by the artisanal miners and the company acknowledges that there is increased uncertainty and economic and technical risks of failure associated with the actions of the artisanal miners.”
The Marudi Gold Project is a permitted mining license consisting of approximately 13,500 hectares.
The property was acquired in 1998 by Vanessa Ventures from Sutton Resources/Barrick, and then further acquired by Guyana Frontier Mining where the project was partially funded by Teck Resources.
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